Hi Traders! Weekly Trades Summary October 2nd 2020 is here. It is now time to recap and summarize the trade setups that we had during this week. Below you will find the short explanation of all the trade setups we had in this week and how it has currently developed now.
First, we will see the trade ideas that I shared in my blog:
Silver – Looking at the H4 chart after the strong bearish move, it looks like a correction is happening currently. We have a potential bearish hidden divergence between the first high that has formed on 15th September 2020 and the second high that has formed on 29th September 2020 based on the histogram of the MACD indicator. Also looking at the Stochastic Oscillator we could see that it has reached its extreme. We may consider these as evidences of bearish pressure. So based on all this, my view is bearish here and once this pullback completes itself I expect the price to continue lower further.
Current Scenario – Based on the above-mentioned analysis my view was bearish here and I was expecting the price to continue lower further. after pullbacks. My bearish view still remains the same here.
Oil – My idea here was “On the H4 chart, we had the first leg down and then the price was moving inside a consolidation. Currently, the price has broken below this consolidation and is holding below it, we may consider it as evidence of bearish pressure. Also, the ADX indicator gave a bearish signal at the cross of -DI (red line) versus +DI (green line), and the main signal line (silver line) reads value over 25, we may consider this as another evidence of bearish pressure. Also on the RSI indicator the price has broken below a strong support level and is holding below it we may consider this as yet another evidence of bearish pressure. We also have a good downtrend line that has formed until this downtrend line holds my short term view is bearish here. Alternatively, if the price moves higher, breaks and holds above this downtrend line then this short-term bearish view will be invalidated”.
Current Scenario – On the H4 chart, the price action followed my analysis. The price moved higher and respected the invalidation level (downtrend line) and then it moved lower and provided a fantastic move to the downside as you can see in the screenshot below.
Amazon – My idea here was “Looking at the H4 chart we could see that after the first leg to the downside currently, it looks like a correction is happening. We have a bearish hidden divergence that has formed between the first high that has formed at 3546.22, and the second high that has formed at 3211.23 based on the histogram of the MACD indicator which we may consider as evidence of bearish pressure. We also have a strong resistance zone that has formed and the price is nearing this resistance zone. Until this strong resistance zone holds my view remains bearish here and I expect the price to continue lower further”.
CHFJPY – My idea here was as follows:
Current Scenario – On the H4 chart, the price moved higher exactly as I expected it to and reached the strong resistance zone, delivering around 80+ pips move before it was blocked by a bearish divergence and retraced.
You can find a detailed explanation regarding this here: CHFJPY Forecast Follow Up and Update
NZDJPY – My idea here was as follows:
Current Scenario – The price action is following my analysis so far. The price which was moving higher reached the strong resistance zone, respected it, and is currently moving lower. Until this strong resistance zone holds my bearish view remains the same here.
AUDJPY – My idea here was as follows:
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To your success,
Certified Financial Technician